Two St. Louis Credit Union Execs Retire
Dennis Sommer, President/CEO of Alliance Credit Union Retires After 28 Years
Dennis Sommer, president/CEO of Alliance Credit Union (Fenton), announced his retirement plans to the Alliance board a year ago. Sommer’s last day at Alliance’s Fenton Administrative Center will be March 1, 2013. His retirement ends a 40-year career in the credit union industry – 28 years as Alliance’s president & CEO.
Sommer joined the credit union, then called Emerson Community Credit Union, in 1985 as president/CEO. At the time, the credit union had $18 million in assets and served about 9,000 members, the majority being employees of Emerson Electric. Today, Alliance has more than $196 million in assets and serves more than 17,000 members.
Under Sommer’s leadership, Alliance expanded from an employee-based credit union to one that extends membership to those who live or work in four Missouri counties and four Illinois counties. During his tenure, Alliance grew its branch offices from one to six locations.
Sommer will be succeeded by Tim Stephens, Executive Vice President. Stephens is a 1990 graduate of Bradley University with more than 22 years of credit union experience.
Charlie Waalkes, ABECU SVP of Operations Retires
Charlie Waalkes, senior vice-president of Operations at Anheuser-Busch Employees’ Credit Union (St. Louis) and American Eagle Credit Union (AECU) (St. Louis), retired January 18, 2013. During his tenure at ABECU/AECU, Waalkes served as head of Operations as well as president of the AECU division.
Prior to his service at ABECU/AECU, Waalkes served as president of Meridian Credit Union (St. Louis) for more than 18 years. In 2005, Waalkes played a key role in the merger of ABECU/AECU and Meridian Credit Union. The combination of the credit unions resulted in a federally insured, state chartered credit union, with more than 92,000 members and $822 million in assets. During his tenure at ABECU/AECU, Waalkes helped guide the credit union through several acquisitions and a number of new branch openings. Today, ABECU/AECU operates 27 branches, serves more than 112,000 members and has $1.4 billion in assets.
“Charlie’s commitment to our members and to the growth of the credit union was instrumental in helping ABECU/AECU develop into the successful credit union it is today,” said ABECU CEO, Dave Osborn.